June 17, 2012

BANK Nifty Weekend update

  • Price yet to make a clean breakout from the channel.
  • Price is testing 20 Week SMA. Bulls need a close above this line for confirming  a breakout.
  • Daily chart shows overbought stochastic But bears need price to fall below 50 day SMA for a meaningful correction. Bulls are safe above 50 day SMA.

1 comment:

  1. I love taking pot shots at "A Dash" since they are so "well studied" and completely miss the mark as classic academics.

    Their statement:
    Inflation -- both wholesale and consumer --remains benign. Steven Hansen covers the PPI report. Doug Short looks at each CPI component with the energy threat in the background.

    Is hilarious, any human with a pulse who has walked into a store lately, traveled, or paid a utility bill, obviously knows that inflation is quite high, at least lower double digits.

    Nevertheless, this chart still speaks volumes